LUXEMBOURG and BATTLE CREEK, Mich. — The Ferrero Group will acquire WK Kellogg Co for a total enterprise value of $3.1 billion, or $23 per share in cash. This includes the manufacturing, marketing and distribution of WK Kellogg Co's portfolio of breakfast cereals across the United States, Canada and the Caribbean.

The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.